Kerry Wins Inclusion of High Speed Rail Provision in Stimulus

[ProSense]

January 27, 2009

Kerry Wins Inclusion of High Speed Rail Provision in Stimulus

Kerry Says Job Creation from Infrastructure Investment Key to Economic Recovery

WASHINGTON, D.C. – Senator John Kerry, a senior member of the Finance Committee, today applauded the inclusion of his high-speed rail provision in the Senate economic recovery package. Kerry’s provision would modernize our national transportation system while creating hundreds of desperately needed jobs.

“Job number one is creating jobs rapidly and putting people to work as we fix our economy, and the high speed rail provision we have secured in the stimulus plan will create jobs, help fix our crumbling infrastructure system, and help move our rail systems up to par with the high-tech rail systems across the globe,” said Senator John Kerry. “I’m grateful to Chairman Baucus and my colleagues on the Finance Committee for supporting this effort.”

The rail provision included in the stimulus package allows transit projects to receive tax-exempt financing and requires that high-speed trains must be reasonably expected to reach 150 miles per hour. The bill also includes a provision modeled after Kerry’s legislation that would exempt interest from private activity bonds from the Alternative Minimum Tax, including interest from high-speed rail bonds. This change would make bonds more attractive to investors.

In November, Sens. Kerry and Specter introduced the High-Speed Rail for America Act of 2008, which would transform America’s outdated and underfunded passenger rail system into a world class system.

[AtomicKitten]

1. Hooray for Sen. Kerry! This is a forward-thinking provision. n/t

[liberal N proud]

2. Fantastic

Maybe America will finally get a viable mass transit system.

Give me a viable cross country train any day over the airplane, I love looking at the countryside. The only time I would use the plane would be time constraints.

[gauguin57]

3. I wish John Kerry had been president instead of Bush for the last four years ...

... but I am SO SO GLAD he's a senator.

[catgirl]

4. I'll kick to that!!

[terisan]

5. Great!

[backscatter712]

6. I hope someone's going to revise train safety rules.

No, I'm not suggesting that passenger trains be made less safe.

But there are some outmoded and obnoxious NTSB rules for the constructions of passenger trains and crash safety that means that trains have to be insanely heavy to comply with them. European trains don't have to be built to such rules, so they're quite a bit lighter.

Maybe revise the crash safety standards to reflect current technology and more realistic goals, and we'll be able to build lighter and faster passenger trains.

[janx]

7. Marvelous!

Cheers to Senator Kerry! :toast:

K&R!

[blueclown]

8. This is from 5 days ago.

I love the provision, I just wish there was more funding behind it.

[ProSense]

9. How much is the funding? Are you talking about the House bill?

The Senate numbers haven't been released.

[blueclown]

10. I believe that rail development was part of the original House stimulus package.

I want to say the funding was around $10 billion, but I could be wrong.

[karynnj]

20. The House provision is for transit - the high speed rail is not in it

(at least from a comparison of differences that was posted.) Like Prosense, I have not seen the Senate proposal or that provision. (Kerry's lame duck session bill last year had numbers, but they might be different on the provision.)

[liskddksil]

11. In addition Schumer propses 6.5 billion more for transit

Schumer Proposes $6.5B More for Transit in Senate Stim Bill
by Ben Fried

Senator Chuck Schumer has unveiled an amendment to the Senate stimulus bill that would increase transit funding by $6.5 billion -- to $14.9 billion overall. This would direct $2.9 billion more to transit, in total, than the House stimulus bill that passed last week. For the wonks out there, transit funding would break down like so, if the amendment is adopted: $10.4 billion for capital grants, $2 billion for rail modifications, and $2.5 billion for new starts. From the press release issued by Schumer and Congressman Jerrold Nadler:

Schumer and Nadler said the capital pot must grow to reflect out-of-control capital costs for transit systems, “rail mod” is important for aging rail systems, of which New York has many and more money for New Starts is important to projects like East Side Access and 2nd Ave subway, as well as NJ ARC.

This amendment would be a significant improvement over the current bill; we'll keep you posted on how you can support it. And it's good to see Schumer, whose standing in his party has grown considerably thanks to his years helming the Democratic Senatorial Campaign Committee, make transit funding an issue in the stimulus debate.

http://www.streetsblog.org/

[blueclown]

15. Great news.

The New Jersey Transit is in great need of upgrading.

[brianna69]

12. Excellent

This is wonderful news. I just love John Kerry.:)

[BeyondGeography]

13. Progress

It's a good thing.

:patriot:

[politicasista]

14. K & R

That's Change We Can Believe In. Thanks Senator! :kick: :patriot:

[riqster]

16. That will totally rock if it makes it through

...even if it doesn't, this will help the cause. Well done!

[pleah]

17. K&R

[uponit7771]

18. progress

[Life Long Dem]

19. From Boston to DC in...

This is the worlds fastest. it's in wide open space most of the time.

http://www.youtube.com/watch?v=Dw4zn-qw1oM

[ProSense]

21. Kerry Pushes to Include Key Provisions in Economic Recovery Plan

January 26, 2009

Kerry Pushes to Include Key Provisions in Economic Recovery Plan

WASHINGTON, D.C. – Senator John Kerry (D – Mass.), a senior member of the Senate Finance Committee, is urging his colleagues to support several key provisions to aid struggling families and businesses as the Committee prepares to mark up the American Recovery and Reinvestment Act of 2009 tomorrow.

“Putting America back to work and fixing our economy is job number one,” said Senator John Kerry. “Families are struggling to make ends meet while businesses can’t access credit, leading to declines in job creation and innovation. I look forward to working with Chairman Baucus and the members of the Finance Committee to come up with the best plan to get our economy up and running.”

Kerry authored or previously introduced the following provisions in the American Recovery and Reinvestment Act of 2009:

• Two reforms to the Earned Income Tax Credit (EITC) that will decrease the penalty for married couples and increase the tax credit for families with three or more children.
  
  
• A provision to exempt private activity bonds from the Alternative Minimum Tax (AMT) based on S. 138, legislation authored by Kerry.
  
  
• Kerry’s “Invest in Small Business Act,” which increases the 50 percent capital gains exclusion to 75 percent for investment in small businesses.
  
  
• Kerry played an integral role in the inclusion of energy tax provision increases to include a long term extension of provisions that benefit renewable energy projects and promote conservation.
  
  
• An education tax credit similar to the credit in Senator Kerry's “College Opportunity Tax Credit Act of 2009,” which helps students and parents afford all four years of college. The provision would create a $2,500 higher education tax credit that is available for the first four years of college.
  
  
• A provision introduced by Senators Kerry and Snowe (R – ME) to expand the Industrial Development Bond (IDB) program to high-technology and biotechnology uses. The small-issue IDB program has given state and local governments a low-cost source of financing to create and retain jobs in manufacturing plants.
  
  
• A plan introduced by Senators Kerry and Schumer (D – N.Y.) to provide $730 million to stimulate lending to small businesses.

This is from a few days ago, hope these made it into the bill.

[Norrin Radd]

22. kr